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Twitter vows legal fight after Elon Musk pulls out of $44 billion deal

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, Twitter vows legal fight after Elon Musk pulls out of $44 billion deal, Frederick Nuetei

Elon Musk, the chief executive officer of Tesla and the world’s richest person, said on Friday he was terminating his $44 billion deal to buy Twitter because the social media company had breached multiple provisions of the merger agreement.

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Twitter’s chairman, Bret Taylor, said on the micro-blogging platform that the board planned to pursue legal action to enforce the merger agreement.

“The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk…,” he wrote.

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In a filing, Musk’s lawyers said Twitter had failed or refused to respond to multiple requests for information on fake or spam accounts on the platform, which is fundamental to the company’s business performance.

“Twitter is in material breach of multiple provisions of that Agreement, appears to have made false and misleading representations upon which Mr. Musk relied when entering into the Merger Agreement,” the filing said.

Musk also said he was walking away because Twitter fired high-ranking executives and one-third of the talent acquisition team, breaching Twitter’s obligation to “preserve substantially intact the material components of its current business organization.”

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SpaceX owner and Tesla CEO Elon Musk speaks during a conversation with legendary game designer Todd Howard at the E3 gaming convention in Los Angeles

Illustration shows Elon Musk’s Twitter profile on smartphone and printed Twitter logos

Tesla CEO Elon Musk attends the Tesla Shanghai Gigafactory groundbreaking ceremony in Shanghai

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Shares of Twitter were down 6% at $34.58 in extended trading. That is 36% below the $54.20 per share Musk agreed to buy Twitter for in April.

Twitter’s shares surged after Musk took a stake in the company in early April, shielding it from a deep stock market sell-off that slammed other social media platforms.

But after he agreed on April 25 to buy Twitter, the stock within a matter of days began to fall as investors speculated Musk might walk away from the deal. With its tumble after the bell on Friday, Twitter was trading at its lowest since March.

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The announcement is another twist in a will-he-won’t-he saga after Musk clinched the deal to purchase Twitter in April but then put the buyout on hold until the social media company proved that spam bots account for less than 5% of its total users.

The contract calls for Musk to pay Twitter a $1 billion break-up if he cannot complete the deal for reasons such as the acquisition financing falling through or regulators blocking the deal. The break-up fee would not be applicable, however, if Musk terminates the deal on his own.

Musk’s decision is likely to result in a long protracted legal tussle between the billionaire and the 16-year-old San Francisco-based company.

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Source: reuters

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World Bank Opens Virtual Recruitment Drive For Nigerians, Africans

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, World Bank Opens Virtual Recruitment Drive For Nigerians, Africans, Frederick Nuetei


The World Bank has announced various positions for its Central and Western Africa operations According to the bank, it is seeking career professionals to occupy multiple places in the countries where it has operations The bank is opening a virtual recruitment drive for the positions effective October and has prospective applicants apply

The World Bank is seeking committed experts for its global development and Western and Central African operations. The bank seeks to set up a creative team for its global expansion

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The bank has prospective applicants who seek new career challenges and are ready to make an impact by applying online by

 

 

October 12, 2022. The positions Senior Public Heath Specialist Water Supply and Sanitation Specialist Economist/Statistician Social Protection

Specialist Central

African Republic Social Development Specialist Social Protection Specialist Environmental Specialist

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Operation Officer Agriculture Specialist Social Protection Specialist Private Sector Specialist Transport Specialist Social Protection Specialist Energy Specialist Social Protection Specialist Environmental

Specialist Public Sector Specialist Financial Management Specialist Nigeria Digital

Development Specialist Senior Operations Officer Public Sector Management

Specialist Senegal Energy Specialist Transport Specialist Senegal Digital Development Specialist Senior Financial

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Management Specialist Procurement Specialist Public Sector Specialist Senior Public Sector Specialist Digital Development Specialist

The bank targets mid-career professionals, and technical specialists with a least five years experience in a professional association


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Serwaa Amihere unleashes throwback photo of when she was 10 years old wearing konkonsa heel

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, Serwaa Amihere unleashes throwback photo of when she was 10 years old wearing konkonsa heel, Frederick Nuetei


Serwaa Amihere has caused commotion online after she shared a throwback photo of herself of when she was 10 years old.

The goddaughter of Nana Aba Anamoah also reminded her fans as depicted by the photo that she has been wearing pearls since the days of old.

 

Serwaa posted the photo on Twitter alongside the caption, “Been wearing pearls since I was 10.”

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